Investment Property Opportunity
A property recently came on the market as a foreclosure just under 200k. It is a 1 bedroom fully renovated in mission. A few days later it was taken off the market which I believe to be temporary.
The building was red flagged by CMHC a little over a year ago which will force the buyer to put 20% down. The red flag comes from renovations taking place during the boom, owners spending 300k+ on condos that are now worth 200k. Most of the owners walked away and the majority of the building was vacant. This was CMHC's issue.
Roughly a year ago a CP member bought in this condo as a investment property. I do not recall the exact numbers but if memory serves me correct, he owed no more than $1100 including taxes, mortgage and condo fees while he was able to rent it out for $1350. With the rental market right now I wouldnt be surprised if you could get $1400 with little problem.
If anyone is interested looking for such a investment property, please pm/contact me and I can look further into the banks plans to put it back on the market.
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